21 Jul 2009 07:00
| FOR IMMEDIATE RELEASE | 21 July 2009 |
Globo plc
HALF YEAR PERIOD-END TRADING UPDATE
Globo plc ("Globo" or "the Group"; LSE-AIM: GBO), a leader in the Information and Communications Technology market in Greece and a SaaS (Software as a Service) solutions provider, today provides a brief trading update following the end of its half year to 30 June 2009.
Further to the more detailed trading statement issued on 16 June 2009, ahead of the Annual General Meeting held on 19 June 2009, the Group is pleased to report that revenues for the half year are expected to have increased by approximately 15% to €8.3 million (H1 2008: €7.2 million), ahead of the Board's expectations.
A significant improvement in cash collections was reported in the 16 June 2009 statement. During the closing two weeks of the first half year, further cash collections of €2.4 million were achieved on outstanding public sector contracts. For the half year as a whole, €7.6 million has been collected out of the €8.8 million invoiced and recognised under IAS 11 on public sector contracts which were due as at 31 December 2008. Accordingly, net debt as at 30 June 2009 has reduced by €2.3 million to €7.5 million (€9.8 million as at 31 December 2008; €8.4 million as at 30 June 2008).
The Group is also pleased to report that it anticipates pre-tax profits for the first half to be marginally higher than those produced in the same period of last year.
Globo's non-executive Chairman, Brett Miller commented: "We are pleased to report that Globo has delivered on its expectations for the first half year and has made substantial further progress on reducing the outstanding amounts owed on public sector contracts. We have established a firm foundation for the second half year, traditionally our stronger trading period."
Announcement of half yearly results
Globo expects to announce its full results for the six months ended 30 June in September.
END
CONTACTS
| Globo plc | |
| Costis Papadimitrakopoulos, Managing Director | +30 210-646-6008 |
| Dimitris Gryparis, Finance Director | +30 210-646-6008 |
| NCB Stockbrokers Limited (Nomad & Joint Broker) | +44 20-7071-5200 |
| Christopher Caldwell or Jonathan Gray | |
| Bankside | +44 20-7367-8888 |
| Steve Liebmann, Simon Bloomfield or Andy Harris | |
| St Helen's Capital Plc (Joint Broker) | |
| Ruari McGirr | +44 20-7628-5582 |
About Globo
GLOBO plc was admitted to AIM in December 2007. Founded in 1997 by Konstantinos Papadimitrakopoulos and headquartered in Halandri (a suburb of Athens), Globo has established itself as one of the market leaders in the Greek ICT market. It provides e-business and telecom software products and related services to the private and governmental sectors in Greece as well as developing and operating broadband wired and wireless networks. It has developed to become one of the largest e-business software and SaaS. vendors in Greece. More recently, the Group has formed a new business unit, Globo Mobile, to deliver its mobile communications strategy. For further information please go to www.globoplc.com.